As part of HMRC’s approach to dealing with the new offence of Criminal Facilitation of Tax Evasion, it has given details of how an organisation can self-report any such offence discovered.
On 30 September 2017, the Criminal Finances Act 2017 came into force including the new offence of Criminal Facilitation of Tax Evasion.
This new offence makes a company, partnership, or LLP, liable for one of its employees or associates deliberately and dishonestly helping another person to evade tax.
Unless the corporate body can show that they had reasonable procedures in place to prevent its representatives from criminal facilitation, or that it was unreasonable to expect to have these procedures, the company/partnership will face prosecution under the new legislation.
The law applies to both UK, and non-UK based evasion.
As part of HMRC’s approach to dealing with this new offence, it has given details of how a company can self-report any acts of criminal facilitation that it has discovered. The procedure involves an email being submitted to HMRC along with information such as:
- The name of the person sending the email
- The location where tax is being evaded (UK, overseas, or both)
- Full details of the relevant company/partnership
- Contact details should HMRC wish to pursue the matter
- Details of the offence
- Details of the prevention procedures in place.
Self-reporting may assist a corporate avoid prosecution or reduce penalties.
Links
Corporate Criminal Offence: failure to prevent tax evasion
Penalties: Offshore Income, CGT & IHT
Wouldn’t it be great and think how much TIME it would SAVE you if someone:
- READ all the latest tax news, case decisions, new legislation and articles in tax and then summarised them for you?
- Only alerted you to things that are RELEVANT to you?
How about if that someone also:
- Updated those summaries in REAL TIME for you
- ADDED examples, planning points, toolkits and calculators, and
- Linked all that information together and also provided you with CPD?
Thousands of firms of accountants and advisers are already using www.rossmartin.co.uk as their primary TAX resource.
At a cost of just £1 per day, it’s a no brainer: FREE up your MIND and your TIME (and your wallet).
And...we run our Virtual Tax Partner support service, if you need assistance with a particular query or technical issue.
